WTI Extends Losses After Smaller Than Expected Crude Draw

WTI continued to drift lower today into the inventory data amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy. API reported a third weekly draw in a row for Crude inventories…

WTI Dips After Surprise Inventory Builds Across-The-Board

WTI closed lower on the day as the USD ticked up ahead of API inventory data that showed inventory builds across the board, sending prices marginally lower.   API Crude +38k (-1.49mm exp) Cushing +130k (+50k exp) Gasoline +21k Distillates +982k The flip-flopping crude draw/build…

WTI Holds Below $68 After Surprise Crude Inventory Build

WTI has extended its losses since last night’s surprise API-reported crude inventory build., and DOE confirmed with a surprise 3.8mm bbl inventory build and while WTI tried to rally (smaller build than API), the jump stalled at $68.00…   API Crude +5.59mm  (-3mm exp) Cushing…

Why Are “Thousands” of Teslas Sitting In a Field in California?

“There’s so much inventory here, it’s crazy.” When Tesla finally met its Model 3 production run rate target, astute investors and analysts pointed out the use of the word “factory gated” in the company’s press release: “Not only did we factory gate 5000 Model 3’s,…

Is OPEC’s Mission “Accomplished”?

Authored by Nick Cunningham via OilPrice.com, OPEC’s goal of draining the global inventory surplus has finally been achieved. The International Energy Agency said in its latest Oil Market Report that the supply overhang has pretty much vanished, thanks to OPEC’s efforts at limiting production. “It…